Skip to main content

tv   World Business Report  BBC News  December 6, 2022 5:30am-6:01am GMT

5:30 am
this is bbc news with the latest business headlines for viewers in the uk and around the world. china carefully unwinds its strict covid restrictions. today new freedoms are announced in beijing, but will it turbo charge the worlds second biggest economy? how do you fancy working a four—day week on full pay? we take a closer look at an experiment on this that ends today. and green hydrogen. some say it should be in the mix to ensure energy security. others argue it's too expensive. we talk to a ceo who is invested heavily in the idea.
5:31 am
another day and more news of covid measures being eased in china. authorities today in beijing say residents are no longer required to show proof of a negative covid—19 test before entering commercial buildings and supermarkets. china has slowly relaxed some of its zero—covid policies since last week and financial markets have rallied on the news. morgan stanley has now updated its china stocks recommendation citing "multiple positive developments alongside "a clear path set towards reopening." so what will be the new normal in china and what does it mean for the economy? joining me now is duncan wrigley, chief china economist, pantheon
5:32 am
macroeconomics. good to see you. first of all, it's complicated across china, although mentioning the odd bits of covid restrictions that are being eased, there is still are being eased, there is still a whole number of rules depending on where you live, isn't america?— isn't america? yes. the rules tend to be — isn't america? yes. the rules tend to be stricter— isn't america? yes. the rules tend to be stricter in - isn't america? yes. the rules tend to be stricter in the - isn't america? yes. the rules tend to be stricter in the big l tend to be stricter in the big cities. they have been all along. but what we are seeing is notjust beijing, there are about 20 cities over the last day or two that i've announced local easing. the kind of measures typically, for example, you don't need a pcr test to show a negative covid test to show a negative covid test when you go to a public place like on public transport also markets. that's a typical easing we have seen, and if you've been exposed for a suspected as a contact with someone who has caught covid, often quarantine at home and
5:33 am
set of going to a specific quarantine centre. that's the kind of easing measures we are seeing in localities recently. but it's still quite stressful for people to know what they can and can't do, are they breaking rules or not, and therefore that will influence their behaviour, things like their behaviour, things like the golden week break is coming up the golden week break is coming up and conversations about what extent chinese will travel for that break. to what extent the economy will really be bouncing back. ~ ., v economy will really be bouncing back. ~ . h economy will really be bouncing back. ~ . �*, ., ., back. what's your thoughts? you are riuht. back. what's your thoughts? you are right- i _ back. what's your thoughts? you are right. i don't— back. what's your thoughts? you are right. i don't think _ back. what's your thoughts? you are right. i don't think china - are right. i don't think china is out of the woods yet. what we are hearing, for example, a vice premier said the strands are a lot less lethal and dangerous. but i think we have quite seen all the surges yet. for example, what we saw in hong kong earlier this year was quite a large rate of serious diseases and death amongst the elderly people because of low
5:34 am
vaccinations. so this is a problem that china is trying to tackle now about one third of people over 60 don't have enough vaccinations to really protect them from serious disease, free vaccinations. we will see the next few months and probably into the first part of next year is this vaccination drive amongst the elderly. crucial to allow child dominic china to get on its exit path away from strict covid controls without having unacceptable health outcomes. thank you so much, duncan wrigley from pantheon macroeconomics with a take on what's happening in china. it's something we're a close eye on. would you like to work a day less for the same pay? well a six—month trial of a four—day week in the uk ends today. the four—day week trial involving 70 uk companies kicked off on 6june and is thought to be the world's biggest pilot scheme into the working pattern. the uk trial is part of pilots
5:35 am
happening in the us, ireland, australia and new zealand. but could it make workers less productive, less efficient or more stressed? the trial is not about cramming five days' work into four but instead workers are earning 100% of their salary for 80% of the hours they'd normally do. joining me now is ann francke, chief executive of the chartered management institute. it's lovely to see you as the theory and lots of influential organisations have said need to do this as a rule to increase productivity. what think experiment will show? it and today and we have to wait a while for the results to come through. while for the results to come throu~h. , ,
5:36 am
through. yes. it is high time we did actually _ through. yes. it is high time we did actually childless - through. yes. it is high time we did actually childless and the pandemic forced us to reevaluate how we work and take a much more conscious focused approach to our work. this is really what the four—day work week does. it makes all of us, whether you are the boss or employee, think about what is it that i'm actually doing, what's important, what matters, and little focus on that, how i do it. , initial results seem largely positive with most companies planning to continue experiment, productivity and well being on the rise. this is the big issue _ well being on the rise. this is the big issue with _ well being on the rise. this is the big issue with the - well being on the rise. this is the big issue with the uk. - the big issue with the uk. we've had it again and again with several chancellors we've had in recent weeks and months that productivity is the problem, low productivity. could this be a key part in changing that? it could this be a key part in changing that?— could this be a key part in changing that? could this be a key part in chanauin that? u, , �* changing that? it could be. but i thinkthis _ changing that? it could be. but i think this shows _ changing that? it could be. but i think this shows us _ changing that? it could be. but i think this shows us is - changing that? it could be. but i think this shows us is it - changing that? it could be. but i think this shows us is it a - i think this shows us is it a
5:37 am
good thing for employers to experiment with greater flexibility for their workforce, for their employees. give your employees, managers and those in your team a greater say over when and how they work. ask them to think about it more deliberately because that's what this four—day work week does. the companies that participated in the trial spent a lot of time learning exactly how i'm going to do this and got everybody involved and people thought about it. that in and of itself is going to improve productivity because, let's face it, most of us just turn up face it, most of us just turn up and we don't really think about what we're going to do when we get there, and this experiment and others that embrace greater flexibility forces us to think about that. that's what produces better results. i that's what produces better results. ., ~' . that's what produces better results. ., ~ ., ., ~ results. i work a four-day week they argue _ results. i work a four-day week they argue that _ results. i work a four-day week they argue that the _ results. i work a four-day week they argue that the four - results. i work a four-day week they argue that the four days i l they argue that the four days i am paid. the rest of the time i'm working but at home, quite a big family. it does not mean
5:38 am
you are not working, it's just the paid part of the working week for many?— the paid part of the working week for many? yes, it is. in the experiment _ week for many? yes, it is. in the experiment some - week for many? yes, it is. in the experiment some people j the experiment some people worked on the day off actually did have more leisure time. they were able to do other things, whether that's caring for a child or learning to play piano. it's interesting because even we are not working, we might be mulling over something and might get ideas and actually it can increase innovation and that in turn can boost productivity. my message is it's a good thing to give employees and managers are a greater say over how and when they work, because chances are you're going to get better results out of them and have a more engaged and productive workforce. more engaged and productive workforce-— more engaged and productive workforce. �* . ., workforce. ann francke, good to talk to yom _ workforce. ann francke, good to talk to you. thanks _ workforce. ann francke, good to talk to you. thanks for _ workforce. ann francke, good to talk to you. thanks for getting i talk to you. thanks for getting up talk to you. thanks for getting up early. chartered management institute, she is from. the results come out in february. we will let you know.
5:39 am
the full extent of changes to britain's high streets after two years of covid lockdowns and trading restrictions is revealed in analysis by the bbc. and it is not all doom and gloom. while traditional retailers continued to decline, many service based businesses prospered. our results are based on looking at around one and a half million pieces of data from ordnance survey. our home editor mark easton reports from cumbria: you can't attach a online or her cut online. and half doesn't hurt her followers operating in candle, one might catch a glimpse of the future for our high street in town centres. if for our high street in town centres-— for our high street in town centres. ., ., , ,, , centres. if you go to subsidies in england. — centres. if you go to subsidies in england. you _ centres. if you go to subsidies in england, you can _ centres. if you go to subsidies in england, you can have - centres. if you go to subsidies i in england, you can have three, four, 56 studios down the same street. , ., ., , ., street. this part of cambria reflects a — street. this part of cambria reflects a national - street. this part of cambria reflects a national story. in| reflects a national story. in the covid pandemic while service based businesses like karanja beauty emerged stronger, 5000 more outlets including a 9% increase and tatupu studios. the findings of
5:40 am
the strength and changing face of the british high street, loss of a place to buy things that more of a place to do stuff. jamie is one of 200 surveyors from ordnance survey keeping an eye on britain's towns and cities. was shut up shop and new enterprises opening their doors. fix, shop and new enterprises opening their doors. a lot of sho -s opening their doors. a lot of sheps like — opening their doors. a lot of shops like this _ opening their doors. a lot of shops like this one - opening their doors. a lot of shops like this one have - opening their doors. a lot of. shops like this one have been closing up a lot of other shops and local divinity shops have been opening up, coffee shops, breweries, hairand been opening up, coffee shops, breweries, hair and beauty. jamie and his colleagues have witnessed the decline of cash based retail and now 9300 fewer retail shops on british streets including 328 fewer department stores, 800 fewer banks, 6000 fewer cash machines, compared with pre—pandemic. the eating and drinking sector actually emerged from covid are stronger. there were 700 more pubs and bars, 2000 belle cafe is, and a600 more fast food joints including 300 extra
5:41 am
chippies. especially alice kiff shops proved resilient in the pandemic. local butchers like this one in candle were able to weather the covid storm if they offered something not available on the internet. you offered something not available on the internet.— on the internet. you are providing _ on the internet. you are providing a _ on the internet. you are providing a service - on the internet. you are providing a service at i on the internet. you are | providing a service at the on the internet. you are - providing a service at the end of the day. people, like any profession, all i think about is meat. ., , ., is meat. literally. local independent _ is meat. literally. local independent traders - is meat. literally. local| independent traders are is meat. literally. local- independent traders are seen as a key part of the answer. in candle businesspeople and politicians are working together on how to breathe life the town centre.— together on how to breathe life the town centre. most important thin we the town centre. most important thing we can _ the town centre. most important thing we can do _ the town centre. most important thing we can do is _ the town centre. most important thing we can do is invest - the town centre. most important thing we can do is invest in - thing we can do is invest in the public realm. we got the bones here in candle, we have an amazing mediaeval town like many places it has been neglected and there is ample opportunity to bring that back. the pandemic made many realise the importance of the community spaces and local traders. everybody, smile! you see
5:42 am
people out here tonight, people want to come out, people want to use the high street. the hiuh to use the high street. the high street _ to use the high street. the high street and _ to use the high street. the high street and town - to use the high street. the high street and town centres stable survive tough times ahead will be those which can bring fun and magic to our public spaces. merry christmas to one and all! mark easton, bbc news, kendal. the uk is "sleepwalking" into a food supply crisis and the government must step in to help farmers, the national farmers union has warned. there are many reasons, they say, why there is a series of problems. the war in ukraine has triggered a soaring fuel costs and fee costs are going up costs and fee costs are going up and there is a short supply of essentials for farmers such as fertilisers. joining me now is dan kemp, global chief investment officer at morningstar
5:43 am
investment management. this is today's warning. we've had shortages of eggs, the food crisis could impact supply of turkeys, or it will impact the supply of turkeys this christmas. what are your thoughts on the latest warning from the nfu?— from the nfu? you are right. almost every _ from the nfu? you are right. almost every day _ from the nfu? you are right. almost every day we - from the nfu? you are right. almost every day we seem i from the nfu? you are right. almost every day we seem to hear about another story of challenges in supply chains and particularly in a food and farming. there were so many causes to this current crisis. you mention some of them. at its heart it represents a change in the structure of the global economy. we got very used to a quite stable level economy with low inflation and what we have seen over the last few years is a radical change as globalisation has really broken up, as countries have become much more focused on themselves, and on their own people, then we are seeing some
5:44 am
of these challenges emerge. it also worth remembering that demonstrates that inflation will think is really a process. inflation measures the rate of change so at the start of an inflationary move we see the squeeze on producers, which is what is negated by this story, and that as time goes on that squeeze affects consumers as well as producers put their prices up and consumers when they are squeezed demand higher wages and that's what the government, the bank of england, is so concerned about that once you get into the spiral, you can end up in a much more difficult place. this is a simple story but it covers so much of what we see around this. �* , ., so much of what we see around this. �*, ., , .,, so much of what we see around this. �*, ., , .,y ., so much of what we see around this. �*, ., , ., this. it's a story that you have to _ this. it's a story that you have to consider - this. it's a story that you have to consider that - this. it's a story that you | have to consider that the long—term prospects, because food security is a talking point, all the huge events going on around the world, whether it's cop27, whether it is diverse injanuary next year, etc, where there is real
5:45 am
concerns about future supply of food and part that won't get it. sally, that's absolutely right and it's more important than ever to think about and it's more important than ever to think about the long—term, and there are bigger consequences. so we can talk about the need to look after the poor in society, in the uk or elsewhere, but again, as we think longer term, what we can really see is that the current period is not going to last forever. if you're looking at being too distracted, focused on the day by day means, particularly for investors, where are always thinking about the longer term and over the longer term, the longer term and over the longerterm, it's the longer term and over the longer term, it's likely there is going to be more stability so if investors can't block out some of the distractions, some of those worries and focus on the long—term fundamentals, they are likely to be better off. , .,
5:46 am
they are likely to be better off. ., . ~' they are likely to be better off. ., ., ,, ., ., ,, off. good to talk to you, thank ou so off. good to talk to you, thank you so much- _ off. good to talk to you, thank you so much. daniel— off. good to talk to you, thank you so much. daniel kemp - off. good to talk to you, thank. you so much. daniel kemp from morning star investment management. stay with us on bbc news. still to come: green hydrogen — some say it should be in the mix to ensure energy security others argue its too expensive. we talk to a ceo who is invested heavily in the idea. john lennon was shot at the entrance to the dakota building in the centre of new york. there's been a crowd here standing in more or less silent vigil and the flowers have been piling up. the iath ceasefire of this war ended at the walls of the old city of dubrovnik. this morning, witnesses said shells were landing every 20 seconds. people are celebrating the passing of a man they hold responsible for hundreds of deaths
5:47 am
and oppression. elsewhere, people have been gathering to mourn his passing. imelda marcos, the widow of the former president i of the philippines, hasi gone on trial in manila. she is facing seven - charges of tax evasion, estimated at £120 million. she pleaded not guilty. the prince and princess of wales are to separate. a statement from buckingham palace said the decision had been reached amicably. this is bbc world news, the latest headlines: ukraine continues to suffer black—outs, and casualties — as russia fires a new barrage of missiles— targetting the country's power grid. harry and meghan — have released the latest trailerfor their six part,
5:48 am
tell—all doucmentary — that starts this week. indonesia has ratified controversial changes to its criminal code — which means you would be jailed for having sex outside of marriage. the law would apply to indonesian citizens and foreigners alike —— which means there could be impact on tourists. let's speak to mariko 0i in our asia business hub. this could be devastating for the tourism sector? tell us more. sally, as you said, the changes are very radical and controversial, to say the least and as you said, while the biggest impact will be felt by indonesian citizens, the also apply to foreigners as well. the tourism sector currently accounts for 5% of the country's economy but if you look at places like bali, for example, the island's economy relies on the sector about 60% of its gdp so there
5:49 am
are a lot of concerns about this and remember, they are just starting to recover from the pandemic restrictions that were in place for many years. one important thing to note is that this new law will not come into effect for three years since some experts are questioning whether this is just a political move by the government to please a certain section of the population but quite possibly, with the law really be enforced in three years? i've been in touch with people in the tourism sector in indonesia and other asian countries were many tourist traditionally visit indonesia and what's been interesting is that many of them, especially abroad in australia, they didn't think this would have a huge impact on one of the reasons is that when dubai introduced something similar, it's not like they checked every hotel of every tourist but people view places like bali differently to dubai, as you know. bali has been known as a relaxing holiday resort so could be a huge reputational
5:50 am
blow if the enforcement really went ahead in three years. iuntil]! went ahead in three years. will kee a went ahead in three years. will keep a close — went ahead in three years. will keep a close arm _ went ahead in three years. will keep a close arm that, thank you. let's get some of the day's other news. uk consumers are tightening their belts in the run—up to the festive period, according to new data. the value of retail sales rose a.2 per cent year on year in november, according to the british retail consortium and professional services group kpmg.black friday offers helped november's figure beat the 1.6 per cent annual growth rate recorded in october. the us federal trade commission has confirmed it is investigating multiple cryptocurrency firms for "possible misconduct". the ftc did not say which companies were under investigation or what actions prompted this but it comes on the back of the collapse of the ftx exchange last month. that meltdown left creditors facing billions of dollars of losses.
5:51 am
is green hydrogen a game—changer? atome energy is the only company on the london stock exchange to be purely dedicated to the development of large—scale green hydrogen and ammonia. it announced that it is doubling the size of its flagship praguayan facility enabling it to produce 100,000 metric tonnes of green ammonia annually. joining me now is 0livier mussat, ceo of atome energy. a very warm welcome to the programme. just tell us more about the ammonia you are producing in paraguay. why there, what is the background to all this? so only to the opportunity for hydrogen and ammonia economy, it's all about the price of power and the ability to go quickly. to be able to do it, you need to look at places we have green electricity at a very low
5:52 am
price, so there are only a few places in the world, paraguay is really front and centre, the world's largest exporter of electricity which is the second largest dam in the world and also the fourth largest exporter of soybeans, so it is very heavy agricultural use of stop to have green hydrogen, you can make green ammonia, which is a fertiliser, so the advantage we have as we are able to produce cheaper fertilisers and send them into a market which unfortunately to date as import fertilisers and a large quantity in these fertilisers today are very expensive because of what is going on in russia, in ukraine and belarus, which account for about 30% of exports of ammonia. we've been hearing about the short supply fertiliser, and over much of south america, that is extremely costly, but in terms of how green green hydrogen is,
5:53 am
is it completely green. hydrogen itself is pretty much coming from fossil fuels, it's not as green as some might argue. how cheap is it really green hydrogen is not really financially viable at the moment. financially viable at the moment-— financially viable at the moment. �*, . ., , moment. it's a really good oint moment. it's a really good point you _ moment. it's a really good point you make. _ moment. it's a really good point you make. more - moment. it's a really good | point you make. more than moment. it's a really good - point you make. more than 9596 point you make. more than 95% of all hydrogen is made from hydrocarbon. more than 99% of all ammonia is made from hydrocarbon. so what qualifies as green hydrogen, it's hydrogen made using green electricity. you have other colours of hydrogen, say blue hydrogen, which is pretty much hydrocarbon based hydrogen with carbon capture. what we have focusing on is 100% green hydrogen. so from a cost point of view, yes, it can be quite expensive to produce green hydrogen if the cost of electricity is pretty high. if
5:54 am
you have to build new solar farms, new wind farms in places like where making them is expensive. like where making them is “pensive-— like where making them is exensive. ~ . , ., expensive. what about storing it, is that _ expensive. what about storing it, is that a — expensive. what about storing it, is that a problem _ expensive. what about storing it, is that a problem and - it, is that a problem and expensive as well?- it, is that a problem and expensive as well? that is actually the _ expensive as well? that is actually the best - expensive as well? that is l actually the best advantage expensive as well? that is . actually the best advantage is that you can store it very easily. it's quite complicated a large amount of energy in green energy, using hydrogen is actually a much more cost—effective solution. actually a much more cost-effective solution. you are confident, _ cost-effective solution. you are confident, you - cost-effective solution. you are confident, you pretty i cost—effective solution. you are confident, you pretty much but were all your eggs in one basket stop actually, it's not all the eggs in one basket, you are blocking the model and other countries but we are leveraging the existing infrastructure at a reasonable size we can scale from to address the need for green hydrogen, energy security, food
5:55 am
security, past 2030. i wish we had more time to unpack this further, but you. thank you for your company, i will see you soon. it is getting much colder as we go through the rest of this week. there is some snow in the forecast across the uk but will you see it? probably, if you are across the far north of scotland. here, snow at times, which will eventually give some good coating of snow in places. around the peripheries of southern scotland, hit and miss, those snow flurries, but only a small chance through much of the population. what will be widespread is the cold. we'll all feel it, those northerly winds bringing that chill right south across the country, daytime temperatures for a few barely getting above freezing later this week, and the frost by night will be fairly widespread, and quite sharp, too. the frost to start tuesday, though, a bit more hit and miss, mainly across some western areas, skies clearing, best of the sunshine. there will already be a few wintry flurries across northern scotland, which will turn more to sleet and snow
5:56 am
through the day. rain showers down eastern counties of england, with a fair bit of cloud at times, but cloud across southern areas should break up a bit more, although we will continue to see showers in the channel islands. temperatures around five to 8 degrees, starting to drop a bit lower than we would normally expect at this time of the year. tuesday night into wednesday, the snow showers keep coming around the edges, but certainly northern scotland will start to see a little bit more in the way of snowfall to lower levels by this stage, the breeze keeping temperatures up in stornoway, but a more widespread frost to take us into wednesday morning, the exception being through some eastern counties of england. still a weather front here, which will bring a bit more cloud and a few showers, mainly of rain, but that northerly wind around an area of high pressure in greenland means that showers in northern scotland will turn increasingly to snow. a few wintry flurries possible along these sea districts of eastern england, and mainly rain showers towards the west, but along here, particularly northern ireland there will be
5:57 am
sleet and snow at times. the vast majority will have a dry day with crisp, winter sunshine. it will feel cold, though, even with that sunshine. this is what it will feel like in that northerly breeze. for many, feeling sub—zero. and another surge of even colder air comes through the night, wednesday into thursday. it will bring a zone of cloud southwards. we are not expecting too much of the showers at the moment, but there is some around the edges once again, and what does fall from the sky will be mainly a mixture of sleet, hail, or rain. it is going to feel cold out there, as well, with that added wind—chill. as we go through into friday, a slight change in wind direction means some eastern counties have less of a chance of some showers, perhaps more showers into the west, but many will be dry, sunny, and, once again, pretty cold. take care.
5:58 am
5:59 am
6:00 am
good morning. welcome to breakfast with sally nugent and jon kay. 0ur headlines today... rail strikes over christmas. unions have confirmed more industrial action in their long running dispute over pay and conditions. we remain open for discussion with the companies. they know what needs to be done to get this dispute progressed and get a settlement going forward. but at the moment, we've not got a means to a solution. prince harry accuses the royal household of playing a "dirty game" in a new documentary set to air this week. good morning. that child must go on
6:01 am
that planet

19 Views

info Stream Only

Uploaded by TV Archive on